Half-yearly Report

Half-yearly Report

Eco Animal Health Group Plc

ECO Animal Health Group plc

Interim Results for the six months ended 30 September 2011

Key features

  • Profit for the period from continuing operations rose to £0.44 million (2010: £0.42 million)
  • EBITDA and before share based payments was unchanged at £2.2 million (2010: £2.2 million)
  • Basic earnings per share increased over 50 per cent to 0.53 pence (2010: 0.35 pence)
  • Aivlosin® approval in Canada will have significant impact in next financial year
  • Preparations for launch of Aivlosin® in USA continue
  • Strong performances in major markets – Latin America, Asia and Middle East
  • Net cash at period end of £8 million after spending £2 million on further drug registration work and the annual dividend

Peter Lawrence, Chairman of ECO Animal Health Group plc, commented:

“The second half has started well. Based on orders booked for delivery in the third quarter, total sales after nine months should be comfortably ahead of last year. The approval for Aivlosin® in Canada is another important step in the Company’s global marketing plans; sales will commence after the end of the current financial year. ECO’s recent additional investment in people and new offices, ahead of imminent further marketing approvals, reflects management’s confidence, despite continuing worldwide troubled economies, in the future of the business and its ability to drive growth.”

Contacts:

ECO Animal Health Group plc  
Peter Lawrence 020 8336 6190
 
Spiro Financial
Anthony Spiro 020 8336 6196
 
Cenkos Securities plc (Nominated adviser)
Stephen Keys 020 7397 8926
Elizabeth Bowman 020 7397 8928

ECO Animal Health Group plc is a leader in the development, registration and marketing of pharmaceutical products for animals. Our products for these global growth markets promote well-being. Our financial goals are achieved through the careful and responsible application of science to generate value for our shareholders.

Chairman’s statement

I am pleased to report that ECO Animal Health Group has again delivered a good set of results for the six months ended 30 September 2011. Sales and operating profit were comfortably ahead of our budget although below last year’s outturn. As expected, some major customers adjusted their delivery schedules to give a stronger second half bias and this was built into our phased budget. The change in the timing of orders is not expected to affect the full year’s result, but has distorted the first half performance. The second half of the year is traditionally stronger as the incidence of respiratory disease increases and parasite numbers also rise during the southern hemisphere spring. This trend is already reflected in our results for the first two months of the second half, which are ahead of last year and show that ECO Group’s sales are cumulatively ahead of the comparable period in the previous year.

In November, ECO was pleased to report that the Veterinary Drugs Directorate of Health Canada has granted a marketing authorisation for Aivlosin® for pigs. The Health Canada approval is the first in North America for Aivlosin®, ECO’s patented macrolide antibiotic, and marks a very important step in the Company’s development of its global veterinary product. It further extends the marketing reach of Aivlosin®, which is used for the treatment of respiratory and enteric diseases in pigs and poultry. We anticipate that we will shortly receive a long awaited registration from the Federal Drug Administration, which will allow us to commence sales in the large markets of the USA.

Financial

ECO’s earnings before interest, tax, depreciation, amortisation and share based payments (EBITDAS) were £2.2 million (2010: £2.2 million) and together with sales, were well ahead of our phased budget and confirm the underlying revenue growth trend. Profit from continuing operations rose to £0.44 million (2010: £0.42 million). Basic earnings per share were 0.53 pence (2010: 0.35 pence), which is an increase of over 50 per cent. Our balance sheet remains strong with almost £1.5 million cash generated in the period from our worldwide operations. Net cash remained high at near £8 million after investing around £2 million in our ongoing drug registration programme and having paid the annual dividend of £1 million. Shareholders representing some 22 per cent of holders chose to take the scrip alternative. This enables the Company to conserve cash, which can be redirected to finance our research, development and regulatory affairs which are so important for the future of the business.

The company has recently established a currency hedge position with regard to its exposure to the US dollar and the euro. This action will help to mitigate any real foreign exchange losses, as opposed to accounting regulatory ones, which reflected an uncrystallised currency ‘loss’ during the period and which can still be reversed if sterling weakens again.

Operations and markets

ECO’s sales in US dollars grew by nearly 5 per cent in the period. The relative strength of sterling against the dollar resulted in sterling sales at the Group level being broadly unchanged. Worldwide demand for animal health products for farmed animals is influenced by many factors ranging from levels of economic activity to the influence of outbreaks of disease. This was demonstrated again by the varying level of demand for our products across different territories. Strong double digit growth in US dollars in Latin America, South East Asia, the Middle East and South Africa was offset by a softening in China, although strong orders after the period end have reversed that situation. Japan remains a difficult market and is still affected by local issues resulting from its triple disasters in March. Although trading in Europe has reflected the ongoing economic difficulties, we have appointed additional sales staff in the region to drive sales of both Aivlosin® and Ecomectin®, ECO’s range of differentiated generic antiparasitic drugs. The additional (unbudgeted) costs associated with recruitment will, once the economic situation improves, enable the Company to increase its penetration in these high value markets.

After the period end the Veterinary Drugs Directorate (VDD) of Health Canada granted a marketing authorisation for Aivlosin® 625 mg/g water soluble granules for pigs. This formulation of Aivlosin® will be marketed for the treatment of ileitis (porcine proliferative enteropathy (PPE)), an enteric disease of pigs. Aivlosin® water soluble granules dissolve readily in water providing a simple solution for the accurate and simultaneous treatment of large numbers of animals. Following several years of declining pig numbers in Canada the trend has reversed with producers now looking to consolidate their operations.

Canada and the USA represent more than one third of the world market for ECO’s products. We reported in July 2011 that the Aivlosin® regulatory timeline in the USA had been extended by the Federal Drug Administration (FDA), owing to its excessive workload. The FDA was unable to commit to the original review timeline for the final component of the development programme relating to laboratory tests. Although the timeline is not under ECO’s control, the Company is making every effort to encourage the FDA to complete the approval of this final component as soon as possible. The joint venture with Pharmgate LLC in the USA, initiated in April 2010, has now been extended by the establishment of a legal entity in Canada. Inevitably, there is an investment cost of set up and administration in the period before sales can commence. This investment, together with expenditure to date, in order to obtain regulatory approval for Aivlosin®, should be rewarded by significant sales and increased Group profits from markets into which so far, we have not been authorised to sell.

In line with our strategic intent of moving closer to the end users in key markets, ECO has established a subsidiary in Mexico which will allow us to benefit from favourable NAFTA free trade agreements and appointed an experienced commercial director to manage the operation.

The development of selected, differentiated generic pet medications of potential major importance to ECO’s future continues to progress and remain within our expected timeframes.

Building on the basic research conducted by the Virology Division of the Department of Pathology at the University of Cambridge, funded by the UK Medical Research Council, into the inhibition of viruses by Aivlosin®, ECO has commissioned further research with other institutions and the results will be reported in due course.

Outlook

The second half has started well, boosted by the receipt of orders deferred from the first half. Based on orders booked for delivery in the third quarter, total sales after nine months should be comfortably ahead of last year. The approval for Aivlosin® in Canada is another important step in the Company’s global marketing plans; sales will commence after the end of the current financial year. ECO’s recent additional investment in people and new offices, ahead of imminent further marketing approvals, reflects management’s confidence, despite continuing worldwide troubled economies, in the future of the business and its ability to drive growth.

Peter Lawrence  
Executive Chairman 9th December 2011

CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS TO 30 SEPTEMBER 2011
    Six months   Six months   Year ended
to to
30.09.11 30.09.10 31.03.11
Notes (unaudited) (unaudited) (audited)
 
£000 £000 £000
Revenue 3 11,880 12,313 27,078
Cost of sales (7,473) (7,435) (16,365)

 

 

 

Gross Profit 4,407 4,878 10,713
 
Other operating income 154 87 179
Administrative expenses (2,324) (2,300) (4,610)
Currency (losses) (81) (501) (269)
Amortisation of intangible assets (1,756) (1,562) (3,240)
Share based payments (103) (103) (304)

 

 

 

Results from operating activities: 297 499 2,469
 
Net finance income/(expense) 17 1 (177)

 

 

 

Profit before income tax 314 500 2,292
 
Income tax 131 (81) (298)

 

 

 

Profit for the period from continuing operations 445 419 1,994

 

 

 

Attributable to:
Owners 278 183 1,591
Minority interest 167 236 403

 

 

 

445 419 1,994

 

 

 

 
BASIC EARNINGS PER SHARE 5 0.53p 0.35p 3.07p
 
FULLY DILUTED EARNINGS PER SHARE 5 0.52p 0.35p 2.96p
 
PRE TAX BASIC EARNINGS PER SHARE 4 0.35p 0.46p 3.64p
 
Earnings from continuing activities before interest, taxation, depreciation, amortisation, and share based payments. 2,224 2,241 6,101

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 SEPTEMBER 2011
  Six months   Six months   Year ended
to to
30.09.11 30.09.10 31.03.11
(unaudited) (unaudited) (audited)
 
£000 £000 £000
Profit for the period 445 419 1,994
 
Foreign currency translation differences 301 (29) 203
Defined benefit pension plan – actuarial losses - - 14
Revaluation of investment in Kiotech International plc (51) 79 62
Deferred tax on revaluation of investment in Kiotech 12 (19) (16)
Revaluation of freehold property - 52 52
Deferred tax on revaluation of freehold property - (72) (72)

 

 

 

Other comprehensive income for the period 262 11 243

 

 

 

Total comprehensive income for the period 707 430 2,237
 
Attributable to:
Owners 441 232 1,754
Minority interest 266 198 483

 

 

 

707 430 2,237

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 SEPTEMBER 2011

               
Share Share Other Revaluation Retained Total Minority Total
Capital Premium Reserves Reserves Earnings Interest Equity
Account Account
£000 £000 £000 £000 £000 £000 £000 £000
 
At 1 April 2010

Total comprehensive income for the period

2,581 45,488 1,142 519 4,569 54,299 1,400 55,699
Profit for the period - - - - 1,591 1,591 403 1,994
Other comprehensive income
Revaluation of freehold property - - - 52 - 52 - 52
Revaluation of investment - - - 61 - 61 - 61
Tax effect of revaluations - - - (87) - (87) - (87)
Foreign currency translation differences - - - - 123 123 80 203
Actuarial gains on pension scheme assets - - - - 14 14 - 14

 

Total comprehensive income for the period - - - 26 1,728 1,754 483 2,237

 

 

Transactions with owners
Arising on issue of shares in the period 29 781 - - - 810 - 810
Dividends - - - - (1,191) (1,191) (92) (1,283)
Share based payments - - 304 - - 304 - 304
Transfer to retained earnings on option expiry - - (116) - 116 - - -

 

Total transactions with owners 29 781 188 - (1,075) (77) (92) (169)

 

At March 2011 2,610 46,269 1,330 545 5,222 55,976 1,791 57,767
 
Total comprehensive income for the period:
Profit for the period - - - - 278 278 167 445
Other comprehensive income
Revaluation of freehold property - - - - - - - -
Revaluation of investments - - - (51) - (51) - (51)
Tax effect of revaluations - - - 12 - 12 - 12
Foreign currency translation differences - - - - 202 202 99 301

 

Total comprehensive income for the period - - - (39) 480 441 266 707

 

Transactions with owners
Arising on issue of shares in the period 11 395 - - - 406 - 406
Dividends - - - - (1,567) (1,567) (389) (1,956)
Share based payments - - 103 - - 103 - 103
Transfer to retained earnings on option expiry - - (96) - 96 - - -
 

 

Total transactions with owners 11 395 7 - (1,471) (1,058) (389) (1,447)

 

At September 2011 2,621 46,664 1,337 506 4,231 55,359 1,668 57,027

 

 
Prior interim period
 
At 1 April 2010 2,581 45,488 1,142 519 4,569 54,299 1,400 55,699
Total comprehensive income for the period:
Profit for the period - - - - 183 183 236 419
Other comprehensive income
Revaluation of freehold property - - - 52 - 52 - 52
Revaluation of investments - - - 79 - 79 - 79
Tax effect of revaluations - - - (91) - (91) - (91)
Foreign currency translation differences - - - - 9 9 (38) (29)

 

Total comprehensive income for the period - - - 40 192 232 198 430

 

 
Transactions with owners
Arising on issue of shares in the period 24 690 - - - 714 - 714
Dividends - - - - (1,191) (1,191) - (1,191)
Share based payments - - 103 - - 103 - 103

 

Total transactions with owners 24 690 103 - (1,191) (374) - (374)

 

At 30 September 2010 2,605 46,178 1,245 559 3,570 54,157 1,598 55,755

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
 
  As at   As at   As at
30.09.11 30.09.10 31.03.11
Notes (unaudited) (unaudited) (audited)
 
£000 £000 £000
ASSETS
Non current assets
Property, plant and equipment 9 1,392 1,151 1,277
Goodwill and other intangibles 8 38,734 37,968 38,637
Investments 93 385 351

 

 

40,219 39,504 40,265
Current assets
Inventories 4,947 3,491 4,804
Trade and other receivables 8,660 7,029 9,643
Income tax recoverable 303 340 356
Other taxes and social security 196 233 95
Cash and cash equivalents 11,312 10,970 9,471

 

25,418 22,063 24,369

 

Total assets 65,637 61,567 64,634

 

 
Current liabilities
Trade and other payables (4,370) (3,352) (5,795)
Short term borrowings (3,414) (1,138) (53)
Income tax (13) (36) (78)
Other taxes and social security (110) (176) (77)
Dividends (29) (397) (32)

 

(7,936) (5,099) (6,035)
 
Total assets less current liabilities 57,701 56,468 58,599
 
Non current liabilities
Deferred tax (674) (713) (832)

 

57,027 55,755 57,767

 

Equity
Capital and reserves
Called up share capital 2,621 2,605 2,610
Share premium 46,664 46,178 46,269
Revaluation reserve 506 559 545
Other reserves 1,337 1,245 1,330
Retained earnings 4,231 3,570 5,222

 

55,359 54,157 55,976
Minority interest 1,668 1,598 1,791

 

57,027 55,755 57,767

 

 
CONSOLIDATED STATEMENT OF CASH FLOWS
     
Six months to Six months to Year ended
30.09.11 30.09.10 31.03.11
(unaudited) (unaudited) (audited)
 
£000 £000 £000
 
Profit before tax 314 500 2,292
 
Adjustment for:
Net finance (income)/costs (17) (1) 178
Depreciation of plant and equipment 69 77 88
Amortisation of intangible assets

Profit on disposal of investment

1,755

(46)

1,562

-

3,240

-

Pension payments - - (59)
Pension operating costs - - 2
Share based payments 103 103 303

 

Operating cash flow before movement in working capital 2,178 2,241 6,044
 
Change in inventories (143) 2,206 893
Change in receivables 882 1,967 (421)
Change in payables (1,392) (185) 2,159

 

Cash generated from operations 1,525 6,229 8,675
 
Interest paid (16) (39) (54)
Income tax paid (27) (87) (156)

 

Net cash inflow from operating activities 1,482 6,103 8,465
 
Cash flows from investing activities
Purchase of property, plant and equipment

Sale of investments

(165)

253

(88)

-

(151)

-

Cost of acquiring drug registrations (1,851) (1,986) (4,270)
Interest received 64 40 73

 

Net cash (used in) Investing activities (1,699) (2,034) (4,348)

 

 
Cash flows from financing activities
Issue of shares 63 208 306
Dividends paid (1,616) (319) (776)

 

Net cash (used in)/generated from financing activities

(1,553)

(111)

(470)

 

 
Net (decrease)/increase in cash and cash equivalents

(1,770)

3,958

3,647

Foreign exchange movements 250 (29) (132)
Cash and cash equivalents at the beginning of the period

9,418

5,903

5,903

 

Cash and cash equivalents at the end of the period

7,898

9,832

9,418

 

NOTES TO THE PRELIMINARY RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2010

1. Basis of preparation

The financial information for the period to 30 September 2011 does not constitute statutory accounts as defined by Section 435 of the Companies Act 2006. It has been prepared in accordance with the accounting policies set out in, and is consistent with, the audited financial statements for the twelve months to 31 March 2011.

The Group applies revised IAS 1 “Presentation of Financial Statements (2007)”, which became effective as of 1 January 2009. As a result, the Group presents all non owner changes in equity in consolidated statements of comprehensive income and all owner changes in equity in consolidated changes in equity.

2. Statement of compliance

The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all of the disclosure requirements in IAS 34 “Interim Financial Reporting”. Accordingly, whilst the interim statements have been prepared in accordance with IFRS, they cannot be construed as being in full compliance with IFRS and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2011.

3. Revenue is derived from the Group’s animal pharmaceutical businesses.

4. Principal risks and uncertainties were set out on pages 55-57 of the notes to the consolidated financial statements for the year ended 31 March 2011. The key exposures are to foreign currency exchange rates, potential delays in obtaining market authorisations and single sources of supply for some raw materials and have remained unchanged since the year end.

5. Earnings per share

  Six months to   Six months to   Year ended
30.09.11 30.09.10 31.03.11
(unaudited) (unaudited) (audited)
 
 
 
Weighted average number of shares in issue (000’s) 52,221 51,773 51,873
Fully diluted weighted average number of shares in issue (000’s) 53,376 51,773 53,733
 
Profit attributable to equity holders of the Company (£’s) 277,573 183,274 1,590,000
 
Basic earnings per share (pence) 0.53 0.35 3.07
Fully diluted earnings per share (pence) 0.52 0.35 2.96

6. Dividends

  Six months to   Six months to   Year ended
30.09.11 30.09.10 31.03.11
(unaudited) (unaudited) (audited)
 
£000 £000 £000
 
Final dividend in respect of the year ended 31 March 2011(2010)
52,253,172 (2010: 51,777,768) shares at 3.0p (2010:2.3p) per share

Dividend paid by subsidiary to minority interests

1,567

389

1,191

-

1,191

93

 

1,956 1,191 1,284

 

7. Related party transactions

At the balance sheet date, ECO Animal Health Group plc owed P A Lawrence, a director of ECO Animal Health Group plc, and members of his family a balance amounting to £478,199 (30 September 2010: £4,864). During the period the Group provided management services to Kiotech International plc and C-Corp Limited, companies in which P A Lawrence is a director and holds equity interests. Fees charged were: Kiotech International plc £13,000 (2010: £13,000) and C-Corp Limited £25,287 (2010: £22,450). During the period, the Group also acquired a freehold property from C-Corp Limited at an arm’s basis for total consideration of £155,000.

During the period the Group made sales to Zhejiang ECO Biok Animal Health Products Limited at an arm’s length basis to the value of £1,096,382 (Six months to 30 September 2010: £577,551). At the end of this period there was an intercompany balance owing from this company of £778,226 (30 September 2010: £563,339).

The Group also made sales on an arm’s length basis to ECO Animal Health do Brasil Comercio de Productos Veterinarios Ltda to the value of £1,095,032 (Six months to 30 September 2010: £1,329,221). At the end of the period there was an intercompany balance of £1,515,949 (30 September 2010: £1,762,146).

The Group also made sales on an arm’s length basis to ECOpharma Inc to the value of £85,220 (30 September 2010: £621,279). At the end of the period there was an intercompany balance of £486,361 (30 September 2010: £420,296).

Since the last three of these companies are subsidiaries of ECO Animal Health Group plc, these transactions and balances have been eliminated on consolidation.

During the period ECO Animal Health Limited and ECO Animal Health Group plc received dividends of £404,442 (2010: £nil) from Zhejiang ECO Animal Health Products Limited. This amount has also been eliminated on consolidation.

8. Intangible non current assets

    Distribution   Development  
Goodwill Rights Costs Total
£000 £000 £000 £000
Cost
Cost at 1 April 2010 17,930 1,035 31,127 50,092
 
Additions - - 1,986 1,986

 

Cost at 30 September 2010 17,930 1,035 33,113 52,078
 
Additions - - 2,284 2,284
 
Foreign exchange movements - - 63 63

 

Cost at 31 March 2011 17,930 1,035 35,460 54,425
 
Additions - - 1,851 1,851

 

Cost at 30 September 2011 17,930 1,035 37,311 56,276

 

Amortisation
Amortisation at 1 April 2010 - 316 12,233 12,549
 
Charge for the period - 28 1,534 1,562

 

Amortisation at 30 September 2010 - 344 13,767 14,111
 
Charge for the period - 27 1,651 1,678

 

Amortisation at 31 March 2011 - 371 15,418 15,789
 
Charge for the period

Foreign exchange movement

-

-

28

-

1,727

(2)

1,755

(2)

 

Amortisation at 30 September 2011 - 399 17,143 17,542

 

 
Net book value at 30 September 2011

17,930

636

20,168

38,734

 

Net book value at 31 March 2011 17,930 664 20,042 38,636

 

Net book value at 30 September 2010

17,930

691

19,346

37,967

 

Net book value at 1 April 2010 17,930 719 18,894 37,543

 

9. Property, plant and equipment

     

Fixtures

 

Motor

 
Freehold Plant and fittings & Vehicles
property machinery equipment Total
£000 £000 £000 £000 £000
Cost
Cost at 1 April 2010 650 762 535 - 1,947
 
Additions - 51 37 - 88

 

Cost at 30 September 2010 650 813 572 - 2,035
 
Reclassifications

Additions

-

-

-

42

(42)

22

42

-

-

64

Foreign exchange movements

-

280

-

-

280

 

Cost at 1April 2011 650 1,135 552 42 2,379
 
Additions

Foreign exchange movements

157

 

-

3

 

56

5

 

-

-

 

-

165

 

56

 

Cost at 30 September 2011

807

1,194

557

42

2,600

 

Depreciation
Depreciation at 1 April 2010

 

Revaluation in the period

52

 

 

(52)

359

 

 

-

448

 

 

-

-

 

 

-

859

 

 

(52)

 
Charge for the period 5 56 16 - 77

 

Depreciation at 30 September 2010

5

415

464

-

884

 
Charge for the period

Foreign exchange movements

4

 

-

(25)

 

203

26

 

-

8

 

2

13

 

205

 

Depreciation at 1 April 2011

9

593

490

10

1,102

 
Charge for the period

Foreign exchange movements

5

 

-

41

 

37

17

 

-

6

 

-

69

 

37

 

Depreciation at 30 September 2011

14

671

507

16

1,208

 

 
Net book value at 30 September 2011

793

523

50

26

1,392

 

Net book value at 1 April 2011

641

542

62

32

1,277

 

Net book value at 30 September 2010

645

398

108

-

1,151

 

Net book value at 1 April 2010

598

403

87

-

1,088

 

10. Share Premium Cancellation

On 5th October 2011, just after the period end, ECO Animal Health Group plc obtained an order to confirm the cancellation of £10 million of its Share Premium Account and the transfer of this sum to its Distributable Reserves in accordance with the resolution passed by shareholders at the Annual General Meeting held on 2nd September 2011. The order was registered at Companies house on 7th October 2011. This will permit the Board much greater flexibility to determine its future distribution policy.

11. Cashflow

The cash generated from operations was £4.7m less than in the same period last year. This was because the inventory figure at September 2010 was unusually very low and the Company has since been building inventory to cover the expected increase in sales. The Company also reduced its trade payables by £1.4m in the period which is largely a function of the timing of payments to suppliers between one period and the next.

Group cash flow was also affected by an increase in dividends paid in the period compared to last year and was the result of the increase in the dividend declared as well as a decline in the take up of the scrip alternative. Finally, the minority interest’s share of our Chinese subsidiary’s dividend paid in the period resulted in a further £389,000 of cash outflow to the Group.

12. This financial information was approved by the board on 9 December 2011.

Copies of this interim report are being sent to all of the Company’s shareholders. Further copies can be obtained from the Company’s registered office at 78 Coombe Road, New Malden, Surrey KT3 4QS.

DIRECTORS AND OFFICERS   PETER LAWRENCE   (CHAIRMAN)
MARC LOOMES (CHIEF EXECUTIVE)
KEVIN STOCKDALE (FINANCE DIRECTOR)
JULIA TROUSE (EXECUTIVE DIRECTOR AND COMPANY SECRETARY)
BRETT CLEMO (EXECUTIVE DIRECTOR)
DAVID DANSON (NON-EXECUTIVE DIRECTOR)
JULIA HENDERSON (NON-EXECUTIVE DIRECTOR)
 
REGISTERED OFFICE 78 COOMBE ROAD, NEW MALDEN, SURREY KT3 4QS
TEL: 020-8336-2900 FAX: 020-8336-0909
 
COMPANY NUMBER 01818170

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